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Refinance savings calculator

See how much you save each month by refinancing your mortgage — with closing costs, discount points and the break-even month.

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Enter Remaining balance, Current rate (%), New rate (%), Years remaining, Closing costs and the Refinance savings calculator works out New monthly payment, Monthly saving, Total saving, Break-even month straight away. For instance, with Remaining balance = $200,000.00, Current rate (%) = 4.5, New rate (%) = 3.2, Years remaining = 20 and Closing costs = $4,500.00 it returns New monthly payment = $1,129.33, Monthly saving = $135.97 and Total saving = $32,633.54.

How to use it

  1. Enter your values: Remaining balance, Current rate (%), New rate (%), Years remaining, Closing costs.
  2. Read the result instantly: New monthly payment, Monthly saving, Total saving, Break-even month.

Frequently asked questions

How does the Refinance savings calculator work?

It takes Remaining balance, Current rate (%), New rate (%), Years remaining and Closing costs and derives New monthly payment, Monthly saving, Total saving and Break-even month from them. The calculation is live as you type, so the result updates on every change.

Which values does the calculator ask for?

5 values: Remaining balance ($), Current rate (%), New rate (%), Years remaining and Closing costs ($). Nothing else is required — no account, no file upload.

What does a typical calculation look like?

With Remaining balance = $200,000.00, Current rate (%) = 4.5, New rate (%) = 3.2, Years remaining = 20 and Closing costs = $4,500.00, the calculator returns New monthly payment = $1,129.33, Monthly saving = $135.97 and Total saving = $32,633.54. Those figures come from running this exact tool, so you can reproduce them by entering the same values.

How much does the result change with different inputs?

It moves a lot. Using Remaining balance = $400,000.00, Current rate (%) = 4.95, New rate (%) = 3.52, Years remaining = 40 and Closing costs = $9,000.00 instead, New monthly payment goes from $1,129.33 to $1,554.37 — which is why it is worth testing a few scenarios rather than trusting a single figure.

What does it give for smaller values?

Scaled down to Remaining balance = $100,000.00, Current rate (%) = 4.05, New rate (%) = 2.88, Years remaining = 10 and Closing costs = $2,250.00, New monthly payment comes out at $960.08. The relationship is worth checking at both ends before you rely on a single result.

When would I actually use this?

Before making an offer: what the bank will lend, what the purchase costs on top of the price, and how much deposit closes the gap.

What is the most common mistake?

Budgeting for the price and forgetting the acquisition costs. Notary fees, transfer duty and registration add between 2% and 15% depending on the country — enough to sink an offer.

How accurate is it, and what are the limits?

Estimate only — not financial advice.

What is the difference between the Refinance savings calculator and the Amortization Calculator?

This one returns New monthly payment and Monthly saving; the Amortization Calculator returns Monthly payment and First month interest. That is the whole difference — open the one whose figure you need.

Is there a tool for the next step?

ARM mortgage calculator is the closest one after this: See how an adjustable-rate mortgage could move. Enter the loan, the fixed introductory rate and how long it lasts (3/5/7/10 years), the term and the rate caps. The tool shows the initial payment, the maximum payment after the first adjustment (initial cap, bounded by the lifetime cap) and the worst-case payment at the lifetime ceiling — with an optional fixed-rate comparison.

Further reading

All guides →
GuideWhen Refinancing a Mortgage Actually Pays: France, Germany, ItalyThe rule of thumb everyone repeats — one point of rate gap — is not a rule and gets the timing wrong. What decides it is how much interest you have not yet paid, and the three countries answer the cost side in three completely different ways. Here is the arithmetic, computed.ExplainerWhen Is Refinancing Your Mortgage Worth It?Refinancing pays off when monthly savings cover the closing costs before you move or sell. See the break-even math, the rate-drop rule of thumb, and what to check.ExplainerHow Loan Payments Work: Amortization and Interest ExplainedSee how a fixed loan payment splits between principal and interest, how amortization shifts over time, and the formula behind the monthly number.ExplainerHow Are Mortgage Payments Calculated?Your monthly mortgage payment comes from three things: the amount borrowed, the interest rate and the term. Here's the formula and what moves the number.ExplainerA Construction Loan Is Not a MortgageFunds arrive in stages and interest accrues only on what has been drawn. On a $400,000 facility at 8.5 percent over twelve months, that is $18,062.50 rather than the $34,000 the headline rate implies — 53.13 percent of it.ExplainerFinancing Land Is the Hardest Money to BorrowLarger deposit, shorter term, higher rate, and a balloon at year five. On the same $120,000 plot, the land loan costs $768.10 a month against a mortgage's $606.79 — and demands $18,000 more at closing.